Weighed down by nonstop fines, LPL finally buys ounce of prevention by putting ex-FINRA veterans on its payroll
Mark Casady also seats a former assistant attorney general on his board
Stephen Winks
Kudos to LPL which has the vision and courage to ask what constitutes good behavior. Independent broker/dealers have no unifying culture. Everyone is a free agent in control over their own destiny, yet regulatory reform requires the best interest of the investing public be served. This leads every broker of all descriptions to look for principled leadership around which they can associate their name and build a business they are proud of.. Every supporting b/d is expected to execute on behalf of their clients best interest taking advantage of transparency, technological innovation and regulatory reform. A new era is emerging, LPL may the first to execute, creating a massive competitive edge. The trust and confidence of the investing public in the industry has suffered. LPL can execute a unifying business model executed in scale, affording advisors (1) an extraordinary value proposition (that supersedes one dimensional product distribution) which addresses and manages a broad range of investment and administrative values in the client’s best interests, (2) streamlines cost and (3) accords professional standing in ways not possible in todays outdated conventional brokerage format. This is the ultimate competitive advantage in winning market share and a bright new future for the industry..
Let’s wish LPL much success.
SCW
Stephen Winks
Financial Fuckery
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March 21, 2024 at 4:41 AM
Goldman Sachs-Creative Planning deal is bleeding defectors -- 16 more last week, report says -- auguring a 'potential disaster,' analysts warn
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October 4, 2023 at 2:16 AM
Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far
The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.
March 9, 2023 at 1:23 AM
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